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NEW YORK, 25th September, 2019 (WAM) — On the sidelines of the UN Climate Action Summit in New York, Dr. Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, announced that the UAE will pass a Federal Law on climate that sets out an inclusive framework for climate action. The law will require authorities to assess and mitigate climate risks prior to proceeding with projects, thus effectively mainstreaming climate adaptation and resilience across sectors.
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It was formed as per the provisions of the UAE’s Constitution.
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Al Jarman reiterates UAE’s commitment to address global issues
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Increasing foreign ownership would enable UAE banks to broaden investor base
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The campaign will consist of two categories of workshops
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When you decide to make a will, ensure you pen a full list of assets, even bank details
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Meant to ensure accuracy and transparency, as well as develop tax system as a whole
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The Dubai International Financial Centre Authority recently published a consultation paper seeking views on the new DIFC Data Protection Law.
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DIFC Courts in Dubai now accepting wills with assets across the UAE and even abroad
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VAT revenues would easily be Dh35 billion-plus this year.
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AI could contribute $320B to the Middle East economy in 2030, equivalent to 11% of GDP
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The process becomes extremely stressful, if the families do not have a will in place.
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Move to strengthen international regulations in line with OECD countries, which will also change compliance landscape in the country
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Decision approved during Tuesday’s Cabinet meeting Chaired by Shaikh Mohammad Bin Rashid
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Biggest challenge companies face is implementation as it entails additional costs
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UAE Cabinet approves National Strategy for Wellbeing 2031
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The UAE is synonymous to being addressed as ‘bed of innovation’ and soon residents will get another peek of how artificial intelligence and robotics will be adapted in day-to-day lifestyle.
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Permanent residency option in UAE can pull in new fund flows into the sector
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Tax came into effect on January 1, 2018, at a rate of five percent on the supply of most goods and services.
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The strategy will also focus on sectors like resources and energy; logistics and transportation; tourism and hospitality.
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If a person has defaulted on a loan amount below Dh50,000, the lender can lodge a civil complaint.
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UAE is one of the select few centres in the world that will work on drafting legislation and gauging impact of artificial intelligence
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Non-oil GDP is forecast by the Central Bank of the UAE to expand at 3.4 percent in 2019 compared to 2.6 percent in 2018.
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The UAE is soon set to become the first Arab country to pass a ‘Good Samaritan Law’.
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Following the enactment of a new anti-money laundering law in late 2018, on 28 January 2019 the UAE issued Cabinet Resolution No. 10 of 2019, which contains the provisions necessary for implementing the AML Law.
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The number of UAE businesses registering for VAT to grow as more companies mature and become eligible for taxation
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Etihad Credit Insurance (ECI) and First Abu Dhabi Bank (FAB) have partnered to help local businesses with their trade finance needs and support their international expansion.
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The United Arab Emirates Banks Federation (UBF) and the Abu Dhabi Global Market (ADGM) hosted a joint forum on crypto assets and fintech.
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DUBAI, 11th March, 2019 (WAM) — The Ministry of Finance, MoF, held an official ceremony today to celebrate 30 years of signing the avoidance of double taxation and bilateral investment agreements. A press conference to announce and sign a three-year extension of the MoU between the UAE and the Organisation for Economic Cooperation and Development, OECD, also took place.
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It is the landlord’s obligation to handle maintenance of the property.
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Taxable persons/companies must apply for this if they fulfill any of the conditions laid down by the law.
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Detention or a fine shall be imposed on anyone who in bad faith, gives a draft (cheque) without a sufficient and drawable balance.
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The legislation – which will be sent to the Cabinet for review – protects those who come to aid of others from legal repercussions
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Employment of minors and restrictions on where children can be taken by adults are regulated under the law
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By: Mahmoud Makki and Reem Goussous
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UAE officials are keeping an open and optimistic — yet cautious — mind regarding AI.
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Regional banking system has strong fiscal position and governments have ability to support if needed
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The string new legislation includes the netting law, public debt law and central bank law.
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It aims at providing a safe test environment for legislation.
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Licencing and regulation of institutions and financial services of all kinds enabled
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The new law raises the central bank’s capital to Dhs20bn
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Education and healthcare have largely been kept out of VAT, with majority services zero-rated.
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A new law permits the UAE Federal Government to issue sovereign debt for the first time.
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In May, the UAE Cabinet approved the 100 percent foreign ownership of companies in the country, which had previously been limited to those companies based in freezones.
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The public debt law has been long-delayed and the ministry has been working on it for years.
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Companies cannot recover the tax incurred on goods or services purchased to be given away to staff free of charge.
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President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued Federal Decree-Law No. 07 of 2018.
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Energy, utilities and transportation take lion’s share of infrastructure investment
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Opinions expressed by Entrepreneur contributors are their own.
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A new survey by KPMG has revealed that chief executives operating in the Middle East consumer goods sector are being confronted with market disruption from competitors at a greater rate than elsewhere.
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Opinions expressed by Entrepreneur contributors are their own.
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Opinions expressed by Entrepreneur contributors are their own.
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Opinions expressed by Entrepreneur contributors are their own.
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The Dubai resident paid a goods and service tax in Australia as well as UAE VAT when it arrived here.
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The Securities and Commodities Authority said the platform would raise funding in a similar manner to collective project financing
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The Authority stressed that the voluntary disclosure form should not be used except for the referred cases only, indicating that Article 10 of the Law identifies specific cases for the provision of voluntary disclosure.
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The UAE government has ranked among the most trusted in the 2018 Edelman Trust Barometer, with an extreme trust gain in the most recent report.
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The laws have been published in the official gazette.
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VAT has spurred UAE retailers to refocus on how they deliver customer value.
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Globally, AI will lead to an economic boost of $14 trillion, according to Accenture research
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UAE influencers will need to obtain a trade licence before they can apply for their special e-media licence
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Dubai Holding, the global investment holding company, has announced it will invest up to AED 1 billion over the next five years to launch a next generation digital bank for the UAE.
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Futurama Blockchain Innovators Summit will host foundation investors, innovators and influencers that helped put Blockchain technology in world map.
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New regulation is likely to further integrate the real estate market with capital markets
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Dubai’s DIFC launches new drive to attract Asian investment.
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Impact of emerging disruptive technologies for lawmakers and legal systems.
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Q- My father is a shareholder in the share capital of a limited liability company (LLC) incorporated in the UAE. He has a debt of approximately Dh700,000 for the loans/facilities availed from a bank by the LLC. The company has been incurring loss in business and therefore, he is unable to repay the loan to the bank. What could be the consequences if he is unable to make the payment or if the cheque is dishonoured?
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“Artificial intelligence will revolutionise human life as we know it,” says UAE Minister of State for AI Omar bin Sultan Al Olama.
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Electronic integration of public and private health facilities underway.
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Dubai – Smart Dubai has launched the new and improved version of its flagship Dubai Now platform and application, introducing artificial intelligence to the service, which will now feature Smart Dubai’s AI-powered smart city advisor “Rashid”.
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Maktoum bin Mohammed: “DIFC is constantly exploring new opportunities to ensure the development of the regional financial services landscape”
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Dubai climbs Innovation Index to rank 14th among top 30 global cities.
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Younus Al Nasser, assistant director general of Smart Dubai, announces the Dubai Data Policies
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The sixth edition of the World Government Summit (WGS 2018) gets underway today, featuring more than 130 speakers across 120 interactive sessions and over 4,000 participants from 140 countries.
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Smart City, the Dubai Government agency entrusted with making Dubai the world’s happiest and smartest city, said it was close to rolling out 20 blockchain applications in a number of civic agencies including the Roads and Transport Authority in order to bring greater efficiency.
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DUBAI: The Ministry of Finance stated that adopting value-added tax (VAT) in the UAE will have a positive effect on its development and competitiveness — and will contribute to building a sustainable knowledge-based economy for future generations, as the tax will provide additional financial resources and enable the UAE government to realise its strategy and guarantee a prosperous future.
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The Dubai Municipality has started work on a Dh135 million worth labour court project in Al Ruwaiya area, scheduled to be completed by the end of next year.
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• Real estate brokering is defined as a service under the new UAE tax law, which will take effect 1 January 2018.
• This means that UAE residents renting or buying property in the UAE will pay an additional 5% to the UAE government, collected by their broker, on the total commission of rent or sale.
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I have been using a credit card for the last 10 years and my repayments were always made on time. But recently, due to a crisis within my company, my salary was reduced and I was not able to make the credit card payments as I also have another bank loan. I have defaulted on my credit card payments for the last four months and the bank/finance company has served me with a legal notice. What is the legal process to be followed here?
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Launched through a worldwide open-source consultation alongside the World Economic Forum’s Annual Meeting of the Global Future Councils 2017, the forward-looking rules devised by the Courts of the Future Forum are designed to help ‘techpreneurs’ and companies of the future innovate securely.
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Dubai: Historically, since the UAE has not had any forms of taxation, businesses are struggling to introduce language in their service contracts for the upcoming introduction of the value-added tax on January 1.
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Gulf News reports that the emirate’s attorney general Essam Eisa Al Humaidan has issued the new decision, which will allow prosecutors in the Deira, Bur Dubai and the family and juvenile courts to start issuing criminal orders from December 4.
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Dubai’s DIFC Courts Small Claims Tribunal (SCT) will now offer claimants direct and instant messaging to give defendants notice as part of an expanded range of e-services.
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While Real Estate Investment Trusts (REITs) are common in many real estate markets around the world, they are relatively new in the Middle East, with the Emirates REIT being the first, launched in 2010.
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Dubai: Dubai is seeking to consolidate its growing leadership status in global finance with a combination of initiatives aimed at deepening its financial cluster, enhancing infrastructure, expanding access to talent, and increasing its financial industry’s ability to tap vital trade corridors.
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Dubai International Financial Centre Authority has announced for public consultation proposed Common Reporting Standard Law, DIFC Law No. 7 of 2017 & Regulations.
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Abu Dhabi: The UAE banking sector has continued to top other GCC (Gulf Cooperative Council) counterparts in terms of assets value in the first half of 2017, with a total value of $723 billion in 48 banks operating in the country, a growth rate of 1.7 per cent compared to 2016.
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DIFC Wills and Probate Registry on Saturday launched the Virtual Registry that allows international investors to register and witness their will directly through new smart service.
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Dubai International Financial Centre (DIFC), the leading financial hub in the Middle East, Africa, and South Asia region (MEASA), has today published the “DIFC Wealth & Asset Management Report 2017: Mapping Opportunities in MEASA Region” in partnership with Thomson Reuters. The report explores the latest investment opportunities in the region, while providing a five year projection for Assets Under Management (AuM) in key MEASA countries.
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DIFC Courts rolled out a specialised sub-division that will streamline the resolution of legal cases involving complex technology and construction disputes.
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Dubai has been ranked 10th in The Banker magazine’s annual international financial centre (IFC) rankings, placing it alongside hubs such as London, New York, Hong Kong and Singapore.
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Dubai: As excise tax is a tax which is only levied once in the supply chain, there is expected to be a refund mechanism for businesses which may have paid this tax more than once.
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Dubai: Community managers have been given 30 days to identify crowded units in Jumeirah Lake Towers (JLT), a posh Dubai community.
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The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued the landmark Federal Law No. 7 of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority, FTA.
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Ministry of Human Resources and Emiratisation (MOHRE) has rolled out six initiatives to ensure labour disputes in Dubai are settled in 10 days, instead of 30.
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During the past few weeks, I have explained the instances wherein a company could be dissolved due to the occurrence of any of the conditions stipulated in the Commercial Companies Law. The dissolution, legally speaking, leads to the liquidation of the company. This leads to an important question: what is the status of the company during the liquidation process?